HomeMy WebLinkAboutRES 1985-013 RESOLUTION NO. 85-13
RESOLUTION APPROVING THE RESOLUTION OF THE
GRAPEVINE INDUSTR.IAL DEVELOPMENT CORPORATION
'�`� CONCERNING THE ISSUANCE OF REVENUE BONDS TO
FINANCE A PROJECT FOR KING INTERESTS CORP.
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WHEREAS, the City of Grapevine, Texas (the "Unit"), a political subdivision
of the State of Texas, has approved and authorized the creation of the Grapevine
Industrial Development Corporation (the "Issuer") as a Texas nonprofit corpora,tion,
pursuant to the Development Corporation Act of 1979, as amended (the "Act"), to
act on behalf of the Unit to promote and develop commercial, industrial and
manufacturing enterprises to promote and encourage employment and the public
welfare; and
WHEREAS, the Act empowers the Issuer to issue its revenue bonds on behalf
of the Unit to finance the costs of certain facilities in furtherance of the public
purposes of the Act; and
WHEREAS, the Issuer on Mareh 4, 1985, approved a Resolution Concerning
the Issuance of Bonds to Finance a Project for King Interests Corp. (the "Inducement
Resolution") pursuant to whieh the Issuer has agreed, subject to certain conditions,
to issue its revenue bonds in the estimated aggregate principal amount stated in the
Inducement R.esolution, to provide funds to defra.y all or part of the cost of
acquiring and/or constructing certain facilities to be acquired and/or eonstructed by
or to be leased or sold to King Interests Corp.; and
WHEREAS, this City Council has reviewed the form and substance of the
Inducement Resolution and intends, by adoption of this written Resolution, to
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approve said resolution and agreement in accordance with the Loca1 Regulations;
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE
CITY OF GRAPEVINE, TEXAS:
Section l. That the Inducement Resolution, in the form attached hereto,
approved by the Issuer as set forth in the preambles hereof, pursuant to which the
Issuer agrees, subject to the eonditions stated therein, to authorize and issue its
industrial development revenue bonds in the estimated aggregate prineipal amount
stated therein, is hereby approved.
Section 2. The meeting at which this Resolution is considered is open to the
public as required by law, and public notice of the time, place and purpose of this
meeting was given as required by Article 6252-17, Vernon's Texas Civil Statutes, as
amended.
Section 3. This Resolution sha11 take effect immediately from and after its
adoption.
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• PASSED AND APPROVED this March 5, 1985.
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Mayor, City of Grapevine, Texas
ATTEST:
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City Secretfuv, Ci y of Grapevine, Texas
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